Are these partnership K-1's? Please clarify.
When entering the K-1's, at the screen Enter Box 20 info, have you selected code Z Section 199A information. Code Z for all three K-1's?
This code tells the software that qualified business income information needs to be entered at the screen We need some information about your 199A income. Select Code Z and enter $0. Click Continue.
At the screen We need some information about your 199A income, you enter at least the business income (loss) and other information, such as:
- Ordinary business income (loss) from this business,
- W-2 wages for this business, and
- UBI of qualified property for this business.
These values may be found on an enclosed statement and not on the K-1 itself. Enter these values for the qualified business income deduction to be calculated.
The Qualified Business Income Deduction was created by the 2017 Tax Cuts and Jobs Act (TCJA) and is in effect for tax years 2018 through 2025.
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